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BTC Bitcoin breaks through US$63,400, rumors of asset transfers between United Arab Emirates and Iran trigger market fluctuations
On Thursday, Bitcoin prices broke through US$63,300 after unconfirmed news that the United Arab Emirates has unfrozen billions of dollars in Iranian assets. Some sources also said that the United Arab Emirates transferred gold and cash to Iran, but neither the United Arab Emirates nor the US authorities publicly confirmed the relevant details.
Markets react to asset transfer rumors
According to multiple X platform sources, including The Hormuz Letter, United Arab Emirates banks have unfrozen billions of dollars in funds previously frozen due to international sanctions. The reports said the deal involved about 1.5 tons of gold, valued at between $200 million and $283 million. Observers linked the transfer to speculation that Iran has promised not to target the United Arab Emirates in future conflicts.
It was reported that United Arab Emirates Royal Jet, a private charter company based in Abu Dhabi, used a Boeing 737-7KK aircraft to fly assets from Abu Dhabi to Iran on August 11 and 12. The plane stopped at Mehrabad Airport in Tehran and Payam Airport in Karaj before returning to the United Arab Emirates. Sources believe the flights were part of a large-scale transfer of Iranian funds previously frozen.
Earlier this year, other reports linked the United Arab Emirates to the possible unfreezing of US$10 billion to US$20 billion in Iranian assets and claimed that more than US$3 billion had been delivered. However, the United Arab Emirates Ministry of Foreign Affairs officially denied the unfreezing of such assets, and U.S. officials also denied that there was any collateral agreement with Iran.
Oil and risky assets respond to global developments
Oil prices have fallen to around US$81 a barrel as the market focuses on diplomatic efforts to reopen the Strait of Hormuz, an important channel for global energy transportation. The fall in energy prices has brought some relief to risky assets, including Bitcoin, which rose about 1% after oil prices fell.
West Texas Intermediate crude oil rose more than 5% earlier this week, briefly triggering inflation concerns and putting pressure on Bitcoin, which fell by about 2% over the same period. However, falling oil prices have helped ease inflation concerns and revived interest in digital assets.
Traders also focus on the latest U.S. inflation data. The consumer price index rose 3.4% year-on-year in July, lower than the previous value of 3.5%. Core CPI rose 0.2% month-on-month and 2.5% year-on-year. These data provide additional short-term support for risky assets such as Bitcoin.
The report pointed out that the transfer of assets from the United Arab Emirates to Iran included large amounts of gold reserves and cash, triggering speculation about regional diplomacy and its knock-on effect on risky markets.
Bitcoin remains technically cautious
Despite Thursday's rebound, Bitcoin's momentum remains weak after consecutive declines earlier this week. The cryptocurrency traded close to US$63,400 after falling for four consecutive trading days, as oil prices fell and U.S. inflation data moderated over the same period.
Several technical indicators are currently receiving attention. Bitcoin's 50-day exponential moving average (EMA) is around $64,542, constituting the first major resistance level. The 100th EMA is at around US$66,667, close to horizontal resistance of US$66,500.
Downward support is at US$62,300. A break below that level could push Bitcoin to an annual low of $57,800 (the level last appeared on July 1). The daily relative strength indicator (RSI) is close to 48, while the moving average convergence divergence (MACD) histogram remains slightly negative, indicating that potential momentum remains weak as Bitcoin tests key resistance levels.
Daily trading indicators show cautious market sentiment, with Bitcoin testing resistance levels at the 50th and 100th EMA, while momentum remains sluggish.
